Team Sandy Blanton's 10-Step Selling Process

STEP 1:

DEFINE YOUR NEEDS

It is important to clearly understand the reason for selling your home. Write down your reasons and start the process with something like, "Why am I selling my home and what do I expect to accomplish?" Maybe you are relocating to a new area or you have a growing family that requires additional space. 

We can help you identify what you should consider within your individual goals and how best to achieve them in your local real estate market. The Realtors at Team Sandy Blanton will apply their expert knowledge to your particular needs and help you establish a realistic time frame for the process to proceed. This will help with the time management for selling your home.

STEP 2:

PRICING STRATEGY

Next,set a meeting with us to determine the best strategy and selling price of your home. This strategy will need to take current market trends, the condition of your home, and sales of comparable homes in your neighborhood into consideration. We will share with you a comparative market analysis (CMA) by taking into consideration the type of market you are in and recent sales of comparable properties. We will then help you determine the most probable fair market price that will attract buyers to your home within your desired time frame. Our experience shows real estate agents have a clearer and more objective sense of market value than anyone else...including appraisers!

Because selling a home can be emotional, it can be hard for you as a seller to maintain objectivity. Please remember to be reasonable about the price you set. You will always be better off setting a fair market value price than setting your price high expecting that someone will come along and be willing to pay it. If a property stays on the market too long because it is overpriced, potential buyers may think that something is wrong with it and you may end up selling it for less than what you could have gotten if you had started out with a realistic listing price. Pricing and Condition is key.

STEP 3:

PREPARE YOUR HOME

Be honest, most of us don't keep our homes in the condition it would need to be in to sell. Over the years our closets and especially the garage just seem to multiply on their own. Things that aren't used very often or are sentimental just seem to find their way into these places. So consider packing up the treasure now and as you pack, decide if you should really keep the item or put it aside for a garage sale. With this frame of mind, you have to break out of the routine in order to get your house ready to show. How your home looks will have an immense impact on how quickly it sells and whether or not you get your asking price.

As the old saying goes, "First impressions are lasting impressions" and you only get one chance to make a great first impression. We experience the marketplace every day and can help you see your home from the buyer's standpoint. We call it, "put yourself in the buyers shoes and walk through the property as if you are the buyer." OK, so what needs to be changed to make a good first impression? This may mean that all you do straighten up the coffee table and make your bed, but for most of us, it will require a little more work! It may mean that you completely repaint the house, inside and out. Do a "floor to ceiling" check. Give the potential buyers a fresh clean path to enter the home. The fewer obstacles between the buyer and the appeal of your home the better. Over time we become accustomed to our surroundings, so please don't be offended if your Realtor suggests changing something you've done that may not present your home in the best light. What's normal for you may not be attractive to a buyer.

Make your home look as spacious as possible. Organize your closets, kitchen cabinets, and if you have things stored in the attic or basement, make sure they are presentable. For showings, pull back your curtains and draperies to show how bright and cheery your home really is. If you are showing other than during the day or if there are dark areas of your home, turn on all of the lights to create a warm and welcoming environment for the prospective buyers. A home that is marked with your personality and style may be harder to sell, including putting away personal photos. Consider such things as removing obvious clues to your political affiliation and tucking away any biased literature that may be visible. This will help reduce distractions and the buyers can visualize the home as their own.

For More on Preparing Your Home to Sell- Click Here! 

STEP 4:

MARKETING STRATEGY

Once your home is ready to show, establishing a marketing plan is a must. You need to know how your agent will expose your home to the potential buyers that are qualified to buy your property.

STEP 5:

RECEIVING AN OFFER

Realtors at Team Sandy Blanton call you as soon as an offer is in the works and will start asking questions or your behalf to determine whether or not the prospective buyer is qualified to purchase your home. After all, there is no reason to review an offer if the person(s) making it will not be able to actually buy your home.

We will then review the offer, taking care to note what is required of both parties to execute the transaction. The contract will likely be in a written format that is generally used in your geographic area and should protect the best interests of all parties involved and be comprehensive in nature.

Once an offer is accepted, it may be too late to make any changes. Sales contracts, though not limited to this list, should include the following:

• A legal description of the property
• The offer price
• Initial deposit and subsequent deposits (if any) 
• Financing arrangements
• A list of fees, such as title insurance, and who will pay them
• Inspection rights and possible repair allowances
• The method of conveying the title and who will handle the closing
• A list of appliances and furnishings which will stay with the home
• The closing date
• Any relevant contingencies or addendum

Remember that the legalities of this phase are very important. If you have any questions or concerns, be certain to address them with us immediately.

STEP 6:

NEGOTIATING AN OFFER

Most offers to purchase your home will require some negotiating to get to an agreeable  win-win conclusion. We have the experience and knowledge on the legalities of the real estate contracts used in our area. We will handle the responsibility of protecting your best interest throughout these negotiations. In addition, we will calculate what you will net from the sale of your home, and what areas in the contract lend themselves easiest to negotiate. We will review the offer with you to make sure that you thoroughly understand what the buyers are offering and what they are asking in return.

Some of the things that you may have to negotiate are:

• The pricea and Terms
• Financing or Mortgage Arrangements
• Closing costs
• Repairs that need to be done
• Appliances and fixtures
• Occupancy time frame

Once you and the buyers have reached a point where the deal is acceptable, we will be certain that you have a legally executable contract.

STEP 7:

VENDORS LIKELY INVOLVED IN THE SALE (Attorney or Title Company, Home Inspectors, Appraisors etc.)  

Once you have accepted an offer to sell your home, we will review the closing procedures with you, the parties responsible for completing those procedures and any estimates of completion. For instance, the property may need to be formally appraised, surveyed, inspected or repaired. We will keep you informed as to the results of the various inspections and appraisals. Inspections typically reveal problems with the property, but doesn't mean the contract is going to terminate or not go forward, it just means there are issues that may need to be addressed. Our experience shows that most of the inspections identify small easy-to-repair items. If more serious issues are found, you or the buyer may decide to walk away, renegotiate, or move towards closing. Your agent, attorney or closing agent will advise you throughout this process and will help you coordinate any actions you must take to keep the terms of the contract in force and the sale moving to a successful close.

There are some sales that go smoothly and some that require a lot of work to get to the closing table. Until you get into it, you won't know which one you have on your hands. Either way, we will be there with you every step of the way.

STEP 8:

PRE-CLOSE PREPARATION

Shortly before the closing, either your agent, attorney or closing agent will contact all the parties to make sure that all of the necessary forms and documents have been prepared and are going to be on time for your signature on the closing date. We also contact the buyers agent or closing agent to be certain that they can proceed on the date and time planned for the closing.

Your agent will guide you through the process of the closing, advising you of any documents you must bring to the closing, how much time to block off for the closing, and any other information that is pertinent to the closing meeting itself.

STEP 9:

CLOSING ON THE PROPERTY  

The "Closing" refers to the formal meeting where ownership of the property is legally transferred from the seller to the buyer, although neither or both may not be present. A member of our team will be present during the closing to help explain the process and forms to you and make sure everything goes as planned. By attending the closing, they can help mediate any last minute issues that may arise.

You will need to be prepared to give over the keys, garage remotes and any necessary documentation regarding the property. You will also need to present documentation that inspections items were completed. Typically the receipt will be all that is required. We recommend that you read all the documents and ask any questions you may have. It is important that you understand every document you are signing.

STEP 10:

POST-CLOSING ACTIVITY 

We have every confidence that with these closing steps, everything went smoothly. Our Team will help create a checklist of all the things you will need to do to turn the property over to the new owners. You will need to make sure that all of the local services (i.e. electricity, gas, lawn care, cable, etc.) have been canceled or transferred to your new address. If the new owner is going to retain some of the services, the name for the account should be changed.

Most of my clients profit from selling their homes, and they often have questions about capital gains tax. When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010. Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption. Consult your tax accountant for more detailed information regarding your particular circumstance.

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